Last checked at 1 Jun 2010 07:00
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| Annexure - II |
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| STEEL AUTHORITY OF INDIA LIMITED |
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| REGISTERED OFFICE: ISPAT BHAWAN, LODI ROAD, NEW DELHI - 110003 |
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| Audited Financial Results for the year ended 31st March 2010 |
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| Quarter ended | Year ended | Consolidated Financial Results | |||
| Sl. No | Particulars | 31st March | 31st March | 31st March | 31st March | Year ended | Year ended |
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| 2010 | 2009 | 2010 | 2009 | 31st March | 31st March |
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| 2010 | 2009 |
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| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | (Audited) |
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| 1 | (a) Net Sales / Income from operations |
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| i) Gross sales | 130058.8 | 130272.3 | 439347.0 | 487220.9 | 439910.2 | 487690.5 |
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| ii) Less : Excise Duty | 10506.8 | 12532.7 | 33833.2 | 55340.5 | 33908.7 | 55897.1 |
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| Sub total (a) (i-ii) | 119552.0 | 117739.6 | 405513.8 | 431880.4 | 406001.5 | 431793.4 |
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| (b) Other operating income | 2745.6 | 2120.4 | 7558.3 | 5290.6 | 7563.5 | 5298.4 |
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| Sub total 1 (a) + (b) | 122297.6 | 119860.0 | 413072.1 | 437171.0 | 413565.0 | 437091.8 |
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| 2 | Expenditure |
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| a) Increase(-)/Decrease in stock-in-trade and | 8844.1 | 13843.4 | 11610.1 | -19345.3 | 11798.8 | -19794.4 |
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| work in progress |
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| b) Consumption of Raw Materials | 42726.8 | 50098.6 | 160345.7 | 188569.2 | 158053.6 | 186343.2 |
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| c) Purchase of traded goods | 3.4 | 7.4 | 27.9 | 95.8 | 27.9 | 95.8 |
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| d) Consumption of stores & spares | 6220.1 | 6546.8 | 25737.6 | 28237.4 | 25800.5 | 28302.9 |
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| e) Employees' cost | 16380.7 | 13519.0 | 54168.1 | 84614.6 | 54562.0 | 85128.6 |
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| f) Power & Fuel | 9493.7 | 8170.3 | 33643.0 | 31831.5 | 35172.7 | 33148.9 |
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| g) Depreciation | 3384.4 | 3304.8 | 13372.4 | 12877.7 | 13397.2 | 12899.6 |
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| h) Other Expenditure | 9343.2 | 7711.5 | 33981.6 | 38630.3 | 34139.4 | 38780.5 |
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| i) Less: Finished Products Internally Consumed | 1685.0 | 1129.7 | 5894.2 | 5699.8 | 5894.2 | 5699.8 |
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| Sub total 2 (a) to (h) - (i) | 94711.4 | 102072.1 | 326992.2 | 359811.4 | 327057.9 | 359205.3 |
| 3 | Profit from operations before other income, interest | 27586.2 | 17787.9 | 86079.9 | 77359.6 | 86507.1 | 77886.5 |
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| and exceptional items ( 1-2) |
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| 4 | Other Income |
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| i) Interest earned | 4109.3 | 5366.7 | 18609.8 | 18329.5 | 18685.1 | 18414.9 |
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| ii) Other Income | 320.0 | -33.4 | 650.7 | 733.6 | 664.4 | 740.8 |
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| Sub total (i+ii) | 4429.3 | 5333.3 | 19260.5 | 19063.1 | 19349.5 | 19155.7 |
| 5 | Profit before interest and exceptional items ( 3+4) | 32015.5 | 23121.2 | 105340.4 | 96422.7 | 105856.6 | 97042.2 |
| 6 | Interest | 1347.1 | 427.1 | 4020.1 | 2594.1 | 4021.9 | 2596.7 |
| 7 | Profit after interest but before exceptional items ( 5-6) | 30668.4 | 22694.1 | 101320.3 | 93828.6 | 101834.7 | 94445.5 |
| 8 | Exceptional items (Price escalation of previous years) | 0.0 | 160.2 | 0.0 | 160.2 | 166.0 | 231.2 |
| 9 | Profit from ordinary activities before tax ( 7+8) | 30668.4 | 22854.3 | 101320.3 | 93988.8 | 102000.7 | 94676.7 |
| 10 | Minority Interest |
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| 3.2 | 2.7 |
| 11 | Net Profit after Minority Interest ( 9-10 ) | 30668.4 | 22854.3 | 101320.3 | 93988.8 | 101997.5 | 94674.0 |
| 12 | Tax Expense |
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| (a) Current Tax | 8523.4 | 9153.3 | 33711.7 | 34705.4 | 33984.2 | 34950.4 |
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| (b) Fringe Benefit Tax | 0.0 | 78.5 | 0.0 | 522.4 | 0.0 | 524.1 |
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| (c) Deferrred Tax Liability / Assets ( - ) | 1732.6 | -1136.4 | 817.2 | -2386.6 | 863.7 | -2421.4 |
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| (d) Earlier years | -436.6 | -93.1 | -752.3 | -556.4 | -758.1 | -556.4 |
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| Sub-Total ( a to d ) | 9819.4 | 8002.3 | 33776.6 | 32284.8 | 34089.8 | 32496.7 |
| 13 | Net Profit from ordinary activities after Tax ( 11-12 ) | 20849.0 | 14852.0 | 67543.7 | 61704.0 | 67907.7 | 62177.3 |
| 14 | Extraordinary items (net of tax expense Rs. Nil) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| 15 | Net Profit for the period (13-14) | 20849.0 | 14852.0 | 67543.7 | 61704.0 | 67907.7 | 62177.3 |
| 16 | Paid up Equity Share Capital | 41304.0 | 41304.0 | 41304.0 | 41304.0 | 41304.0 | 41304.0 |
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| ( Face value : Rs. 10 per share ) |
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| 17 | Reserves (excluding revaluation reserve ) |
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| 291863.0 | 240178.2 | 293416.0 | 241202.4 |
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| as per balance sheet of previous accounting year |
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| 18 | Basic and Diluted Earnings per share before and after | 5.05 | 3.60 | 16.35 | 14.94 | 16.44 | 15.05 |
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| extraordinary items ( Not Annualised ) ( Rupees ) |
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| 19 | Debt Service Coverage Ratio (Number of times) |
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| 45.82 | 79.41 |
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| 20 | Interest Service Coverage Ratio (Number of times) |
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| 14.44 | 29.05 |
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| 21 | Aggregate of public share holding |
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| - Number of shares | 58,50,70,815 | 58,50,66,915 | 58,50,70,815 | 58,50,66,915 |
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| - Percentage of share holding | 14.16 | 14.16 | 14.16 | 14.16 |
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| 22 | Promoters and Promoter group shareholding |
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| (a) Pledged / Encumbered |
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| - Number of Shares | - | - | - | - | - | - |
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| - Percentage of shares (as a % of the total | - | - | - | - | - | - |
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| shareholding of the promoter and promoter group) |
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| - Percentage of shares (as a % of the total | - | - | - | - | - | - |
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| share capital of the company) |
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| (b) Non-Encumbered |
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| - Number of Shares | 3544690285 | 3544690285 | 3544690285 | 3544690285 |
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| - Percentage of shares (as a % of the total | 100.00 | 100.00 | 100.00 | 100.00 |
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| shareholding of the promoter and promoter group) |
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| - Percentage of shares (as a % of the total | 85.82 | 85.82 | 85.82 | 85.82 |
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| share capital of the company) |
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Annexure-II( contd..)
Notes :
i) The above results for the quarter/year ended 31st March 2010 were taken on record at the Board of Directors meeting held on 28th May 2010. The audited accounts are subject to review by the Comptroller and Auditor General of India under section 619(4) of the Companies Act, 1956.
ii) The Ministry of Corporate Affairs, vide order dated 28th July, 2009, notified the amalgamation of Bharat Refractories Limited (BRL), another Government Company, with the Company under Section 396 of the Companies Act, 1956. As per the order, the amalgamation is operative from the appointed date of 1st April, 2007 and has also come into effect (effective date) from 1st April, 2007. The amalgamation of erstwhile BRL has been accounted in accordance with the provisions of the order of amalgamation. Accordingly, all the assets, liabilities, reserves of the said company as on 1st April 2007 have been merged with those of the Company under the respective heads. The accounts of erstwhile BRL have also been consolidated in the accounts of the Company for the current year ended 31st March, 2010. The previous year's figures have been re-stated to give effect to in accordance with the provisions of the scheme of amalgamation of erstwhile BRL with the Company, with retrospective effect.
iii) The Board of Directors have recommended a final dividend of Re.1.70 per equity share, in addition to the interim dividend of Rs.1.60 per equity share already paid, for the financial year 2009-10, thus taking the total dividend to Rs.3.30 per equity share, subject to approval of shareholders.
iv) During the year, the Company implemented the revised salaries & wages w.e.f. 1st January, 2007, after the expiry of long term wage agreements with the employees on 31st December, 2006. Accordingly, employees' cost for the year ended 31st March, 2010 are net- off of excess provision for wage revision, amounting to Rs.15721.4 millions for the period 1st January, 2007 to 31st March, 2009.
v) The Company has two subsidiary companies: a) IISCO Ujjain Pipe & Foundry Co. Limited (IISCO-Ujjain) and b) Maharashtra Elektrosmelt Limited (MEL). The `IISCO-Ujjain' is under liquidation. The audited financial results of `MEL' have been considered in the preparation of consolidated financial results. The accounts of joint ventures & associate companies have not been considered in the preparation of consolidated financial results.
vi) The information on investor's complaints pursuant to Clause 41 of the listing agreement for the quarter ended 31st March, 2010 is :
| Opening Balance | Received during the quarter | Resolved during the quarter | Closing balance |
| - | 18 | 18 | - |
vii) The figures of previous periods have been re-grouped, wherever necessary, to conform to current quarter/year 's classification .
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| Annexure - II ( contd. ) | |
| SEGMENT REVENUE, RESULTS AND CAPITAL EMPLOYED | ||||
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| (Rs. in Millions) |
| PARTICULARS | Quarter Ended |
| Year Ended |
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| 31st March | 31st March | 31st March | 31st March |
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| 2010 | 2009 | 2010 | 2009 |
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| (Audited) | (Audited) | (Audited) | (Audited) |
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| Segment Revenue (Net sales / Income from Operations) |
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| - Bhilai Steel Plant | 43692.4 | 49695.3 | 156374.4 | 169217.1 |
| - Durgapur Steel Plant | 17204.3 | 15857.4 | 55959.4 | 60045.9 |
| - Rourkela Steel Plant | 20177.0 | 19019.6 | 66314.0 | 69342.9 |
| - Bokaro Steel Plant | 32398.3 | 28630.9 | 108369.8 | 110184.1 |
| - IISCO Steel Plant | 6441.7 | 5207.6 | 21384.5 | 21714.8 |
| - Alloy Steels Plant | 3261.3 | 2547.8 | 11890.2 | 10764.6 |
| - Salem Steel Plant | 4481.7 | 3058.8 | 12726.9 | 11286.6 |
| - Visvesvaraya Iron & Steel Plant | 1531.3 | 927.3 | 5260.2 | 5900.4 |
| - Others | 4195.5 | 3688.2 | 11056.4 | 11941.6 |
| Total Segment Revenue | 133383.5 | 128632.9 | 449335.8 | 470398.0 |
| Less : Inter-Segment Revenue | 11085.9 | 8612.7 | 36263.7 | 33066.8 |
| Net sales / Income from Operations | 122297.6 | 120020.2 | 413072.1 | 437331.2 |
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| Segment Results (Profit(+)/Loss(-) before interest and tax) |
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| - Bhilai Steel Plant | 11835.9 | 17104.3 | 44034.9 | 50304.4 |
| - Durgapur Steel Plant | 2880.1 | 449.0 | 6935.4 | 7836.4 |
| - Rourkela Steel Plant | 5326.6 | 2092.1 | 14431.1 | 10997.3 |
| - Bokaro Steel Plant | 6059.5 | -188.9 | 21666.5 | 13455.5 |
| - IISCO Steel Plant | 611.8 | -519.5 | 1859.4 | -1785.9 |
| - Alloy Steels Plant | -137.8 | -674.3 | -220.5 | -1069.4 |
| - Salem Steel Plant | 178.2 | 26.5 | 191.6 | 71.2 |
| - Visvesvaraya Iron & Steel Plant | -255.8 | -852.4 | -999.8 | -1484.5 |
| - Others | 5517.0 | 5844.6 | 17441.8 | 18257.9 |
| Total | 32015.5 | 23281.4 | 105340.4 | 96582.9 |
| Less : Interest Expenses | 1347.1 | 427.1 | 4020.1 | 2594.1 |
| Profit before tax | 30668.4 | 22854.3 | 101320.3 | 93988.8 |
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| Capital Employed |
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| ( Segment assets less segment liabilities excluding |
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| Inter unit Balances ) |
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| - Bhilai Steel Plant | 40584.7 | 28788.6 | 40584.7 | 28788.6 |
| - Durgapur Steel Plant | 18497.3 | 22838.0 | 18497.3 | 22838.0 |
| - Rourkela Steel Plant | 42567.5 | 33060.2 | 42567.5 | 33060.2 |
| - Bokaro Steel Plant | 34357.9 | 21583.0 | 34357.9 | 21583.0 |
| - IISCO Steel Plant | 61936.6 | 15101.7 | 61936.6 | 15101.7 |
| - Alloy Steels Plant | 3176.1 | 3935.1 | 3176.1 | 3935.1 |
| - Salem Steel Plant | 22699.0 | 14254.6 | 22699.0 | 14254.6 |
| - Visvesvaraya Iron & Steel Plant | 3819.2 | 3958.8 | 3819.2 | 3958.8 |
| - Others | 284790.4 | 226922.6 | 284790.4 | 226922.6 |
| Total Capital Employed in the Company | 512428.7 | 370442.6 | 512428.7 | 370442.6 |
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| Note : |
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| 1. Segments have been identified in line with the Accounting Standard -17 on Segment Reporting taking into account the Organisation | ||||
| and Management structure and also Internal Financial Reporting System though the Company primarily deals in Iron & Steel items. | ||||
| Segment Revenue,Results and Capital Employed include the respective amounts identifiable to each of the segments. |
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| 2. Segment revenue and results of Bhilai Steel Plant for the quarter/year ended 31st march, 2010 includes Rs. Nil |
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| (for the quarter / year ended 31st March 2009, Rs. 160.2 millions) towards the impact of price escalations finalized |
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| with a major customer for the earlier periods. |
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| 3. Since the company's overseas operations are below 10% of the total operations, the disclosure of |
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| geographical segments is not applicable. |
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| On behalf of Board of Directors |
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| (Soiles Bhattacharya) | |
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| Director (Finance) | |